CoinDesk reported that traders in the cryptocurrency market have recently been preferring to hold dollars over Bitcoin, leading to an increase in the market share of dollar-pegged stablecoins like USDT and USDC. The outlet stated, "Bitcoin's market cap ratio (market share) relative to the total cryptocurrency market cap fell from 61.2% on May 5th to below 60%, but during the same period, USDT's market share rose from 7% to 7.5%, and USDC's from 2.8% to 3%." This is not the first time this has happened this year. "This phenomenon was also observed in late January, just before Bitcoin's decline accelerated and its price dropped to $63,000," it explained.
